NZD/USD broke pivotal support level 0.7140

NZD/USD broke pivotal support level 0.7140

  • NZD/USD broke pivotal support level 0.7140
  • Next sell target - 0.7060

NZD/USD today broke below the pivotal support level 0.7140 (which stopped the previous intermediate ABC correction (2) at the end of August, as can be seen from the daily NZD/USD chart below). The breakout of the support level 0.7140 follows the earlier breakout of the 50% Fibonacci correction level of the previous sharp upward impulse wave (1). NZD/USD is expected to fall to the next sell target at the next support level 0.7060 (former resistance level from March and April).

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